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Global fleet management market to grow at a CAGR of 16.68% till 2020

Published: June 24, 2016 

According to the latest research report published by Novonous, global fleet management market will achieve annual CAGR of 16.68% till 2020. In terms of market Asia Pacific market is one that has huge potential in terms of growth as the technological advancement have taken pace and the adoption of IOTs is on the rise as plethora of logistics based companies have adopted the technological advancements. North America is estimated to be the economy that would reciprocate the best response for the Fleet Management market due to its inherent technological advancements and early adoption of IOTs.

One of the inherent natures of the fleet management market is its competitiveness and with the presence of a large number of vendors such as AT&T, Cisco Systems, IBM Corporation, Fleetmatics Group, and Verizon Communications the market is swarmed with tech savvy firms. Services include professional services, system integration and deployment services, and managed services. Verticals consist of manufacturing, government, transportation and logistics, energy and utilities, retail, and construction.

Research have evinced that 1 in every 20 companies employs a specialized mobility manager, while 25% are of the opinion that their fleet and travel management department can actually merge so as to make the mobility process an efficient one. While the role of fleet managers has enhanced so as to inculcate new technologies and transport methods, suppliers are increasingly offering new and vivid products to win a share of the mobility market, with estimates that, around the world, companies annually spend $1.2 trillion (£768bn) on business travel.

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Source: Novonous


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